Tortoise Announces Distribution Amounts and Dates for TYG, NTG, TTP, TPZ and TEAF

TYG, NTG, TTP, TPZ and TEAF today declared the following distributions:

The TYG, NTG, TTP and TPZ distributions are payable on November 30, 2020 to shareholders of record on November 23, 2020. TEAF monthly distributions are payable on December 31, 2020, January 29, 2021 and February 26, 2021 to shareholders of record on the respective dates of December 24, 2020, January 22, 2021 and February 19, 2021.

2020 Tax Characterization Information

For tax purposes, 0 to 10% of TYG and NTG’s 2020 distributions are expected to be characterized as qualified dividend income, with the remainder as return of capital; 0 to 10% of TTP and NDP’s 2020 distributions are expected to be characterized as dividend income, with the remainder as return of capital; 50 to 60% of TPZ’s 2020 distributions are expected to be characterized as dividend income with the remainder as return of capital; and 50 to 60% of TEAF’s 2020 distributions are expected to be characterized as dividend income with the remainder as return of capital.

A final determination of the characterization will be made in January 2021 and you will receive a form 1099-DIV for each fund in which you are invested.

For book purposes, the source of distributions for TYG and NTG is estimated to be 100% return of capital, the source of distributions for NDP is estimated to be approximately 90 to 100% ordinary income, with the remainder as return of capital, and the source of distributions for TEAF is estimated to be approximately 65 to 75% ordinary income, with the remainder as return of capital.

You should not draw any conclusions about TTP’s or TPZ’s investment performance from the amount of these distributions or from the terms of TTP’s or TPZ’s distribution policy.

TTP and TPZ estimate that they have distributed more than their income and net realized capital gains; therefore, a portion of the distribution may be return of capital. A return of capital may occur, for example, when some or all of the money that you invested in TTP and TPZ is paid back to you. A return of capital distribution does not necessarily reflect TTP’s and TPZ’s investment performance and should not be confused with “yield” or “income.”

TTP and TPZ will report the sources for their distributions at the time of the payment in the applicable Section 19(a) Notice. The amounts and sources of distributions TTP and TPZ report are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon TTP’s and TPZ’s investment experience during the remainder of their fiscal years and may be subject to changes based on tax regulations.

Tortoise Capital Advisors, L.L.C. is the adviser to Tortoise Energy Infrastructure Corp., Tortoise Midstream Energy Fund, Inc., Tortoise Pipeline & Energy Fund, Inc., Tortoise Power and Energy Infrastructure Fund, Inc., Tortoise Energy Independence Fund, Inc. and Tortoise Essential Assets Income Term Fund. Ecofin Advisors Limited is a sub-adviser to Tortoise Essential Assets Income Term Fund.

For additional information on these funds, please visit cef.tortoiseecofin.com.

About Tortoise

Tortoise focuses on energy and power infrastructure and the transition to cleaner energy. Tortoise’s solid track record of energy value chain investment experience and research dates back more than 20 years. As one of the earliest investors in midstream energy, Tortoise believes it is well-positioned to be at the forefront of the global energy evolution that is underway. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. To learn more, visit www.TortoiseEcofin.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.

Safe Harbor Statement

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

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